After France, Hong Kong Now Intends to Regulate DeFi
Hong Kong has been making rapid strides in the Crypto, Web3, and DeFi space. Well, the special administrative province intends to become the digital hub and its actions are in line with the same. Just a few hours back, the region’s ZA Bank, revealed that it is enabling fiat and crypto transfers while offering account services to the city’s expanding digital asset industry. This basically means Hong Kong ’s largest virtual bank would now act as a “settlement bank” for crypto exchanges. Hong Kong is parallelly looking to notch up its regulatory game as well. Keith Choy, the Interim Head of Intermediaries at Hong Kong ’s Securities and Futures Commission [SFC], recently said at a Web3 Festival in Hong Kong that DeFi projects need to be regulated. In fact, as long as DeFi activity falls within the ambit of the Securities and Futures Ordinance [SFO], it needs to face the same regulatory requirements as traditional financial activity. Breaking: After the launch of the US DeFi risk rep...